Predatory borrowers victims/victimized by Barry

B_starinvestor

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Platinum tongued-Marxist Barry "Oh Fuck I made way too many campaign promises" Obama recently declared that we all know who the 'true victims' in the mortgage crisis are.

Well Barry, mix harmful government intervention with one dose of anti-discrimination pressure, one dose of large executive bonuses, and season heavily with predatory borrowers....and wala! You have the recipe for the perpetrators of the mortgage crisis.

Ah, no Barry. The victims are those that used discretion and prudence in buying homes and are now responsible for paying for the indiscretions and greed of predatory borrowers and liberal gov't-influenced lending programs.


Excellent narrative of the mortgage crisis below:

American Thinker: Why the Mortgage Crisis Happened
 
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HazelGod

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Well Barry, mix harmful government intervention with one dose of anti-discrimination pressure, one dose of large executive bonuses, and season heavily with predatory borrowers....and wala! You have the recipe for the perpetrators of the mortgage crisis.

Jesus tapdancing Christ... :no:
 

tripod

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There is no such thing as a predatory borrower, your ideology trumps your intelligence everytime Star... why?
 

B_starinvestor

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There is no such thing as a predatory borrower, your ideology trumps your intelligence everytime Star... why?

One explanation from www.helium.com

a predatory borrower is someone that secures financing and purchased homes with little money down, with perhaps no income verification, and at debt levels they knew they could not afford....In return, many lenders who thought they were lending to responsible adults have found themselves closing their doors and filing bankruptcy themselves.

My definition would be:

A borrower who exploits lending programs that were designed for the purposes of providing financing for a small group...without regard for his/her ability to repay and absent of any inclination to live up to the terms of repayment. Further, those looking for windfall profits through real estate speculation by transferring all risk to the lender, and all potential reward to him/herself. Summarily...gambling on someone else's dime.
 

houtx48

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predatory borrower................... one that fucked the lender that thought he was fucking the borrower............these banks have no one to blame but themselves and that goes for credit card debt also.
 

B_starinvestor

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predatory borrower................... one that fucked the lender that thought he was fucking the borrower............these banks have no one to blame but themselves and that goes for credit card debt also.

your definition leaves out the poor old chap that invested in CDO's which ultimately provided the funds for financing. The lender can't lend anymore, the borrower is getting his/her mortgage re-organized by the socialist government, but the poor old chap is just flat outta dough.
 

B_VinylBoy

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Now how does "predatory borrowing" work?
Do people the bad credit go running up to banks and threaten to burn them down if they don't lend to them? Do investment bankers pretend to be underaged stock brokers on chatrooms to lure unsuspecting financial whores to their offices for investment advice? Where was this episode of "To Catch A Predator" when we needed it?

Starinvestor, you have officially lost ALL credibility on financial matters with this post. Just because you have the title of "investor" doesn't mean you know a thing about it. To constantly try to put blame on the economic problems on anyone else than the institutions who lent out the money is sheer denial and complete ignorance.
 

curious n str8

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predatory borrower................... one that fucked the lender that thought he was fucking the borrower............these banks have no one to blame but themselves and that goes for credit card debt also.
Your wrong on the credit card debt; when the credit card company raises your interest rate without telling you. The credit card industry is now designed to keep you in debt to keep you paying there outrageous interest rates.
 

B_starinvestor

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Now how does "predatory borrowing" work?

See post #4

Do people the bad credit go running up to banks and threaten to burn them down if they don't lend to them?

You can't pigeonhole predatory borrowers as only those with bad credit. Many of the foreclosures are coming from people who had good credit and exploited no-income-verification guidelines and no down-payment programs.

Starinvestor, you have officially lost ALL credibility on financial matters with this post. Just because you have the title of "investor" doesn't mean you know a thing about it. To constantly try to put blame on the economic problems on anyone else than the institutions who lent out the money is sheer denial and complete ignorance.

I would argue that there are many to blame in addition to the lenders.
 

B_VinylBoy

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You can't pigeonhole predatory borrowers as only those with bad credit. Many of the foreclosures are coming from people who had good credit and exploited no-income-verification guidelines and no down-payment programs.

But you're essentially trying to put more blame on the person borrowing than the institution lending the money.

How does all of this start off to begin with?
It starts off with people who look to make money with Real Estate that have BAD business plans. They borrow the money from the banks to build housing that is completely unaffordable to the majority of the housing market. The houses are then foreclosed, and are then sold by the banks to people with good credit and little income, or people with bad credit or no credit. How many commercials have we seen with the pitch line, "Bad credit? No Credit? NO PROBLEM!!" attached to them? Sounds like a nice gesture, until you read the fine print and see that the cheap rate they're offering for the first few years increases dramatically from then on. Now, the borrower who is only trying to find a place to live is stuck in a home that they once COULD afford but no longer can.

See, your problem is that you want to just look at the person on the low end of the spectrum and blame them for the collapse. But how can their actions compare to the initial sources to begin with? Blame the banks and the bad investors at the beginning for messing it up to begin with!!!

Joe Schome shouldn't have made $5 million dollar condos in a city where the average family income is only $45K/year. The banks shouldn't have targeted that same audience with a shifty deal that promises them affordable housing, only to jack the prices up after they're committed. THERE is the REAL problem. Not the person who defaulted.
 

Notaguru2

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Are you going to do this for the next 8 years Star? Haven you noticed, your readers are beginning to dwindle. You might instead support your new president and give this up; the election is over.

Your time might be better spent wanking to porn provided on this site?
 

B_starinvestor

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Are you going to do this for the next 8 years Star? Haven you noticed, your readers are beginning to dwindle. You might instead support your new president and give this up; the election is over.

Your time might be better spent wanking to porn provided on this site?

Should I support him in the way that you supported Bush?
 

tripod

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One explanation from www.helium.com

a predatory borrower is someone that secures financing and purchased homes with little money down, with perhaps no income verification, and at debt levels they knew they could not afford....In return, many lenders who thought they were lending to responsible adults have found themselves closing their doors and filing bankruptcy themselves.

My definition would be:

A borrower who exploits lending programs that were designed for the purposes of providing financing for a small group...without regard for his/her ability to repay and absent of any inclination to live up to the terms of repayment. Further, those looking for windfall profits through real estate speculation by transferring all risk to the lender, and all potential reward to him/herself. Summarily...gambling on someone else's dime.

Wow... sounds like it will enter the vernacular soon. Thanx for the explanation man. :smile:
 

B_starinvestor

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Wow... sounds like it will enter the vernacular soon. Thanx for the explanation man. :smile:

Tri, it wouldn't kill you to be open-minded about this mortgage meltdown. I know you are dead-set against Wall Street and lenders, but there are other forces that contributed to this problem.:wink:
 

faceking

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So if I default on a secondary property... can I claim ineptitude and just rant Bush Bush Bush, Palin, Palin, Iraq, big bad bald WASP/Jew/whitey New York banker CEO... and get off the hook?

Should I stop making payments now.... so as to qualify?
 

B_VinylBoy

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So if I default on a secondary property... can I claim ineptitude and just rant Bush Bush Bush, Palin, Palin, Iraq, big bad bald WASP/Jew/whitey New York banker CEO... and get off the hook?

Should I stop making payments now.... so as to qualify?

There's a difference between those who can afford it and do it intentionally (such as your example), and those who were conned into it by shifty deals by banks desperate to make money off their foreclosures.

Learn the difference before you insult. Then again, who am I foolin' here? You NEVER learn.
 

faceking

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There's a difference between those who can afford it and do it intentionally (such as your example), and those who were conned into it by shifty deals by banks desperate to make money off their foreclosures.

Learn the difference before you insult. Then again, who am I foolin' here? You NEVER learn.


Me thinks, no me knows, you haven't researched this and pulling naivity from the proverbial hat.

Most of the defaults, are secondary mortgages and properties from two-income families over extending themselves.... those cheating the system. This isn't "No Habla en Inglese" shit.

And if you knew what you were talking about .. you'd know about banks being forced and subjugated into making "loans to inner cities" and banks penalized (thanks CLinton/Carter) for not meeting near-mandated quotas.

In the Bay Area.. one of the largest culprits.. the defaults are on $500K plus homes... hmmmmmmmmmmmmmmmmmmmmm, thems musta be dumb folk now.

Very very very few of the defaulted loans are from makeshift mortgage brokers.

Curious Vinyl Boy.. how many loan papers or titles you've actually signed? How many times have you gone through the process, if at all? (honestly)

...thought so.

Any clue as to how many times where you sign your name?